Copart Inc. (NASDAQ:CPRT) stock rose in premarket trading Friday after the company reported better-than-expected fourth-quarter revenue and agreed to acquire ACV Auctions Inc. (NYSE:ACVA).
Copart Strikes ACV Deal
Copart agreed to acquire ACV for $10.50 per share in cash.
ACV operates a primarily digital automotive marketplace that sells more than 800,000 vehicles annually while owning virtually no land.
Copart expects the deal to expand its automotive marketplace by connecting more vehicles and buyers across multiple sales channels.
